Bitcoin kicks off new quarter in the old $82,000-$85,000 price range
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin’s price remains stuck between $82,000 and $85,000, extending over a week of choppy, sideways movement. The U.S.-listed Bitcoin ETFs saw a net outflow of $148.7 million on Wednesday, ending a nine-day inflow streak totaling $3.08 billion, according to SoSoValue. Several altcoins like Stacks’ STX token gained significantly, while overall altcoin performance was selective.
Why it matters
The source suggests that ETF inflow levels are crucial for Bitcoin to break through overhead supply and move higher. A slowdown or reversal in ETF buying may limit upward price momentum. Analysts at Bitfinex indicated the daily pace of ETF inflows remains the key determinant for clearing Bitcoin’s current resistance range.
Key context
Bitcoin’s price briefly surpassed $85,000 after weaker US inflation data lowered expectations for Fed rate hikes but bulls failed to sustain gains. The Bitfinex Absorption-to-Emission Ratio (BAER), a measure of buying pressure relative to miner supply, has dropped sharply from 25.6x to 1.8x over recent days. The persistence of bond market sell-offs poses broader market risks, as noted by FxPro’s Alex Kuptsikevich. DeFi and other altcoins showed mixed performance, with select tokens like STX, NIGHT, ENA, and NEAR posting strong gains.
Key numbers and entities
Bitcoin price range: $82,000–$85,000; net ETF outflow Wednesday: $148.7 million; 9-day inflow total: $3.08 billion; Bitfinex BAER dropped from 25.6x to 1.8x (Sept. 21–29); $100 million in liquidations in 24 hours (BTC $100 million, ETH $51 million, others $26 million); notable altcoin gains include STX +26%, NIGHT +23%, ENA +11%, NEAR +10%. Key analysts mentioned: Bitfinex analysts and FxPro’s Alex Kuptsikevich.
What remains unclear
The source does not provide detailed reasons for the ETF outflow on Wednesday specifically, nor does it indicate when or if the ETF inflows might resume at levels sufficient to clear Bitcoin’s overhead supply. The timing of broader market reactions to ongoing bond sell-offs and how they might affect crypto markets remains uncertain.